After Silvergate, Stablecoins Use for Crypto Trading Likely to Improve
Towards the end of last week, Silvergate discontinued its 24/7 instant settlement exchange network, SEN. Notably, institutions that used the said platform to move funds to crypto currency exchanges. Right from Kraken to Gemini and Binance.US, a host of prominent names from space were the bank’s clients. A recent Analysis report from Kaiko pointed out how the said situation could be a boon for Stablecoins , for they could be used to fill the void created by Silvergate . SEN was notably one of the only fiat payment rails in the crypto industry. Without it, Kaiko noted, “liquidity could suffer.” Even though Signature Bank seems to be another banking alternative, stablecoins could step up. Elaborating on the same, the report highlighted, “Specifically, it will become harder to quickly deploy fiat capital via exchanges, with Signature Bank now one of the only banking alternatives. But of course, there is another widely-used on-ramp into crypto: s...